London, 17 January 2014 -- Moody's Investors Service has today assigned a corporate family rating
(CFR) of Ba2 and a probability of default rating (PDR) of Ba2-PD
to Puma Energy Holdings Pte. Ltd (Puma Energy or the company).
Concurrently, Moody's has assigned a (P)Ba3 rating with a loss given
default assessment of LGD5 (71%) to the senior notes maturing in
2021 (the Notes) to be issued by Puma International Financing S.A.
and guaranteed by the company, Puma Energy Group Pte Ltd and Puma
Corporation S.à.r.l. The outlook on
the ratings is stable. This is the first time Moody's has assigned
ratings to the company.

The proceeds from the notes will be used to partially repay certain outstanding
debt and to finance the group's future development.

Moody's issues provisional ratings in advance of the final sale of securities
and these ratings reflect Moody's preliminary credit opinion regarding
the transaction only. Upon a conclusive review of the final documentation,
Moody's will endeavour to assign a definitive rating to the Notes.
A definitive rating may differ from a provisional rating.

RATINGS RATIONALE

The Ba2 CFR reflects the positive characteristics of Puma Energy's
business profile, which benefits from a high level of vertical integration
between its midstream and downstream activities, leading market
positions in the various countries in which it operates and significant
diversification in terms of geographies, customer base and end-industry
exposure.

Moody's views positively Puma Energy's integrated business
model, which is underpinned by a global sourcing platform,
sizeable and strategically located storage capacity and import terminals,
and extensive retail and distribution networks, which afford significant
economies of scale and underpin the efficiency of the group's supply
chain and cost base.

Puma Energy further benefits from its strong relationship with Trafigura,
which remains its major shareholder with a 48.8% stake despite
recent sell-downs. The procurement from Trafigura of approximately
two-thirds of the broad range of refined oil products distributed
and marketed by Puma Energy further underpins the reliability and consistent
quality of its supplies.

Puma Energy's fuel retail and distribution activities display significant
geographical diversification, with operations spanning across 38
countries around the world. The majority of the group's operations
are located in emerging markets, which tend to display higher country
risk profiles owing to more unstable and unpredictable institutional frameworks
as well as volatile macro-economic conditions.

However, Puma Energy should also benefit from its strong focus on
developing regions such as Latin America, Africa and Asia-Pacific,
where favourable demographics and rising living standards drive above-average
growth in demand for refined oil products. Puma Energy's
capacity to actively contribute to improving energy infrastructure in
countries where fuel distribution systems are under-developed supports
its status as a favoured partner in many of its host countries,
whose governments are striving to improve the reliability of fuel distribution
and quality of refined oil products across their respective territories.
This gives host governments a strong incentive to promote and maintain
supportive regulatory regimes.

While the local currencies of emerging market economies are subject to
heightened volatility and their convertibility may, in some instances,
be subject to restrictions, Puma Energy has significant flexibility
in upstreaming cash within the group through the collection of trade payables
(including margins built into transfer pricing and adjustments to payment
terms) owed by its local distribution and retail subsidiaries to its supply
entities procuring refined oil products and equipment. In addition,
distribution and retail subsidiaries typically hedge their sales revenues
denominated in local currency by contracting local currency borrowings
to fund their oil product inventories.

The rating also reflects the fact Puma Energy's fuel distribution
activities are inherently exposed to the price volatility of refined oil
products, which impact its cost of sales. However,
there are a number of mitigating factors that help protect Puma Energy's
gross margins and ensure the resilience of its operating profitability
and cash flow generation capacity.

Notably, in countries where the distribution of refined oil products
is regulated, Puma Energy is typically entitled to earn a maximum
margin on its sales (often denominated in US dollars) over and above the
prevailing cost of its fuel supplies. In free markets, the
group systematically hedges its price exposure, even though it generally
has the ability to pass price increases onto customers owing to the relative
price inelasticity of fuel consumption and its leading market shares,
which help underpin its competitive position.

The growth strategy pursued by Puma Energy, as it seeks to capitalize
on the retrenchment of global oil majors from retail and marketing activities
in developing markets to expand its geographical footprint, entails
a degree of execution risk and may lead to some increase in financial
leverage as a result of debt-funded acquisitions and greenfield
infrastructure projects.

This is somewhat mitigated by the sound track-record established
by the company in recent years at managing capital projects and integrating
acquired businesses as well as the positive impact such strategy should
have on its geographical profile going forward. Also, Moody's
notes that a large component of Puma Energy's debt is contracted
under borrowing base facilities to finance the acquisition of refined
oil product inventories, and is as such self-liquidating.

Puma Energy's working capital requirements (including margin calls)
are subject to fluctuations in refined oil product prices. In this
context, Moody's views the group's limited access to
multi-year committed bank facilities as a constraining factor on
its liquidity profile. That said, Moody's acknowledges
that the uncommitted nature of Puma Energy's borrowing base facilities,
on which it relies to fund inventory purchases, is somewhat mitigated
by the positive characteristics (in terms of value and liquidity) of the
collateral backing up borrowings. In addition, the forthcoming
issuance of senior bonds should benefit Puma Energy's overall liquidity
position.

The notching to Ba3 of the indicative rating assigned to the planned bond
issue of Puma Energy Holdings Pte. Ltd reflects the degree of structural
subordination affecting the relative ranking of the bondholders as a result
of the existence of secured financings and classes of priority debt at
various discrete operating subsidiaries of the group (including borrowing
base and acquisition/project-related financing facilities).

The stable outlook reflects Moody's belief that Puma Energy's
operating profitability and cash flow generation will continue to be underpinned
by the supply chain efficiencies and economies of scale derived from its
integrated business model and strong market positions as well as relatively
stable operating conditions across the various geographies in which the
group operates. This is also predicated on Moody's expectation
that Puma Energy will accommodate its growth strategy within the prudent
financial framework set out by management, which should ensure that
debt to EBITDA (as fully adjusted by Moody's) does not exceed four
times for any extended period of time. [This ratio includes
all of Moody's standard adjustments and borrowing base inventory
financing. It therefore differs from Puma Energy's reported
total net debt (excluding inventory financing) to EBITDA.]

WHAT COULD CHANGE THE RATING UP/DOWN

The Ba2 rating could however come under pressure should (i) Puma Energy's
financial performance be materially affected by some deterioration in
operating conditions in some of its major geographies and/or (ii) its
financial leverage increase significantly as a result of debt funded growth
investments, which would result in debt to EBITDA exceeding four
times for a prolonged period of time.

While Moody's does not see any near-term upgrade pressures,
the continuing expansion and diversification of the company's geographical
footprint combined with some sustainable strengthening in its financial
profile could lead to positive momentum developing on the Ba2 rating.
Given the interlinkages that exist between Puma and its shareholders,
an upgrade would also have to be considered in the context of how the
credit risk profiles of its major shareholders evolve over time.

The principal methodology used in these ratings was the Global Midstream
Energy published in December 2010. Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009.
Please see the Credit Policy page on www.moodys.com for
a copy of these methodologies.

Puma Energy is an integrated midstream and downstream oil group active
in Africa, Latin America, North East Europe, the Middle
East and Asia-Pacific. Puma Energy operates across 38 countries
worldwide, owning and operating approximately 4.6 million
m3 of storage capacity and operating a network of approximately 1,600
retail service stations across Latin America, Africa and Australia.
In the twelve months to the end of September 2013, Puma Energy sold
over 12.3 million m3 of oil products and its facilities handled
over 20.1 million m3 of petroleum products

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
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this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
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have affected the rating. For further information please see the
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For any affected securities or rated entities receiving direct credit
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Exceptions to this approach exist for the following disclosures,
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Regulatory disclosures contained in this press release apply to the credit
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review.

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